Part of your financial aid package may include federal, alternative and/or university-sponsored loans.
Federal Direct PLUS Loans
- Direct Loan Basics for Students (PDF)
- Subsidized
- Federal Government pays interest while in school – must maintain at least half-time status
- 3.4% fixed interest rate for undergraduate students, 6.8% fixed interest rate for graduate students for 2012-2013
- Unsubsidized
- 6.8% fixed interest rate for undergraduate and graduate students for 2012-13
- Government does not pay the interest payments
- The student may choose to make interest payments while in college or allow them to accrue
- An Entrance Counseling is required for first time Stafford loan borrowers
- An Exit Counseling is required for all Stafford loan borrowers who either graduate, withdraw or are registered below half-time
- Repayment of loan principal plus interest begins six months after leaving school
Federal Perkins Loans
- Based on financial need and available funding
- 5% interest
- 9 month grace period
- No interest while in school – must be registered at least half-time
- An Entrance Interview is required for first time Perkins loan borrowers at Aurora University
- An Exit Interview is required for all Perkins loan borrowers who either graduate, withdraw or are registered below half-time
Federal Direct PLUS Loans
- 7.9% fixed interest rate for 2012-13
- Loans are available to parents who have a dependent child enrolled in college and graduate students.
- These loans are guaranteed by the federal government and are contingent upon credit approval.
- Individual eligibility is determined by subtracting any financial aid available for the academic year from the cost of attendance.
- Financial need is not a prerequisite.
Alternative Loan Program
- Helps pay educational expenses not covered by your financial aid package
- Recommended: Apply for federal, state and institutional aid before considering an alternative loan
- Credit check and/or a co-signer may be required
- Can cover expenses from a previous academic period (within 12 months)
- Be aware of the lender’s fees, interest rates, and repayment options
Annual Stafford Loan Limits for Undergraduate and Graduate Students
Effective for loans first disbursed on or after July 1, 2012
|
Dependent Students
|
Sub/
Unsub |
Additional Unsubsidized
Loan Amount |
|
First-year
|
$3,500
|
$2,000
|
|
Second-year
|
$4,500
|
$2,000
|
|
Third-year and beyond
|
$5,500
|
$2,000
|
Independent Students
|
Sub/
Unsub |
Additional Unsubsidized Loan Amount
|
|
First-year
|
$3,500
|
$6,000
|
|
Second-year
|
$4,500
|
$6,000
|
|
Third-year and beyond
|
$5,500
|
$7,000
|
|
Graduate Students
|
$20,500
|
Annual Loan Limits for Preparatory Coursework and Teacher Certification
|
Dependent Students
|
Sub/
Unsub |
Additional Unsubsidized
|
|
Preparatory coursework
(for enrollment in an undergraduate program) |
$2,625
|
$0
|
|
Preparatory coursework
(for enrollment in a graduate or professional program) |
$5,500
|
$0
|
|
Teacher certification coursework
|
$5,500
|
$0
|
|
Independent Students
|
Sub/
Unsub |
Sub/Unsub
|
|
Preparatory coursework
(for enrollment in an undergraduate program) |
$2,625
|
$6,000
|
|
Preparatory coursework
(for enrollment in a graduate or professional program) |
$5,500
|
$7,000
|
|
Teacher certification coursework
|
$5,500
|
$7,000
|
Aggregate Loan Limits
|
Subsidized / Unsubsidized Aggregate
|
||
|
Dependent Students
|
$31,000
(maximum $23,000 subsidized) |
|
|
Independent Students
|
$57,500
(maximum $23,000 subsidized) |
|
|
Graduate and Professional Students
|
$138,500
(maximum $65,500 subsidized) |
Open House and Visit Days
Thursday, June 20, 2013
Tuesday, June 25, 2013
Tuesday, June 25, 2013
Financial Aid News
Contact us
Office of Financial Aid
Eckhart Hall 205347 S. Gladstone Ave.
Aurora, IL 60506
630-844-6190
800-742-5281
630-844-6191 (fax)
finaid@aurora.edu
